COMMERCIAL

Press, Volume LXXXV, Issue 25870, 1 August 1949, Page 8

COMMERCIAL

STOCK EXCHANGES

WEEK’S TRANSACTIONS REVIEWED (By Our Commercial Editor.) The news of the week was the announcement that the Privy Council had declared invalid the proposed Australian banking legislation. This intelligence had a heartening effect on banking, and, indeed, most other shares. Nevertheless, this brightness was not reflected on the London market. The Australian sharemarket appears to be slightly more optimistic than the coal strike and other internal troubles warrant. Even a settlement of the strike in the near future cannot, it is held, recoup the tremendous losses which have been sustained in the Commonwealth because of this industrial upheaval. The week’s transactions at Christchurch totaßed 13,392 shares, about 1000 down on the previous week’s excellent quota. Details, with the previous week’s figures in parenthesis, are as follows:—Government securities, £10,640 (£19,095); bank Shares, 227 (187); breweries, 430 ( 300); frozen meats, 300 ( 640); insurance, 830 (nil); loans and agency, 250 (1750); woollens, 1750 (nil); miscellaneous, 9262 (11.034); mining, nil (511); unlisted, 350 (250). The Government stock section wai again moderately active. Prices generally advanced, buyers apparently being prepared to accept slightly smaller returna. The banking section had a little more varied business than recently. Bank of New South Wales improved 5s to sales at £36 ss. Nationals of New Zealand made a good rise to sell at 53s 3d, and buyers on the closing day at 53s failed to attract sellers. Unions, which recently had a weaker market than £9, sold at this figure, and at the close buyers were prepared to pay £9 2s 6d. Ballins Breweries gained fractionally to sell at 29s 7d, and the latest buyers offered 29s ,6d, without sellers responding. New Zealand Breweries were unaltered in business at 445. Sales in the frozen meats section were confined to a deal in Southland Frozen Meats, which sold 6d up at 575. South British Insurance were active with business at 84s 3d and 84s. Standards gained 6d in trading at 83s, and Nationals confirmed slightly better recent " quotations to sell at 21s 6d. In the loan and agency section New Zealand Farmers’ Co-operative secured deposit stock again had business at £lO4. A parcel of National Mortgage B sharee,. was disposed of at 425. Quotations in the * main were little altered from those ofcfc the previous week. Kaiapoi Woollen ordinaries were active at the reduced rate of 27s 6d. A fair parcel of Felt and Textiles (N.Z.) preference shares sold at the unaltered price of 24s 6d. Miscellaneous Section Broken Hill Proprietary rights and shares were very active throughout the week. The shares Improved from sales at 40s at the end of the previous week to sales at 41s, and similarly the rights made ground from sales at 8s 3d to closing sales at 9s 6d. Woolworths, Limited, lost ground fractionally to sell at 21s sd. Dunlop Rubber (Australia), which have not had local business for some time, sold, at 345. New Zealand Drugs were unaltered in business at £5 2s 6d. New Zealand Forest Products ordinaries, after losing ground to sell at 5s lOd, recovered to sales and buyers at 6s. Woolworths, New Zealand, made a fair recovery when they sold at 23s 6d. 23s 9d, and 23s lOd, and more were on offer at 245. Dunlop, New Zealand, preference had business and sellers at 20s 9d. Mason, Struthers 14s paids continued to sell at the unaltered rate of 18s 6d. Macduffs preference shares improved to sales at 27s 6d, gnd the ordinary shares appeared fractionally firmer on quotations. Dental and Medicals, which had not been on the sales list for some time, were turned over at 30s. Wilson’s Cement confirmed recent better quotations to sell at 16s 6d. Woolworths Properties, which had not been sold locally for some time, had business at 26s 6d. Woolworths. South Africa, also appeared on the sales list in a deal at 25s 6d. Midland Motors preference shares sold unaltered at 225. Business was light in the unlisted section. Macintosh, Caley Phoenix, which have been only Infrequently traded in during recent months, sold at 33s 6d. Amalgamated Batteries ordinary shares improved to sales at 245.